Reliance Industries two senior human resource executives may quit: Reports

Report says that Sodhi, senior vice president and head of employee engagement, communication, diversity, HR Academy and change management, has resigned while Ranjan, vice president, HR, for Reliance Foundation, is set to follow suit.

The two senior executives of Reliance Industries human resources team, Harlina Sodhi and Rajeev Ranjan are planning to exit the company, according to reports.

Sodhi, senior vice president and head of employee engagement, communication, diversity, HR Academy and change management, has resigned while Ranjan, vice president, HR, for Reliance Foundation, is set to follow suit, added reports. 

Earlier in the last month, the head of HR Prabir Jha also quit the company. 

Reliance Industries reported "As a matter of policy we don't comment on individual appointments or departures."

Stock Price

The stock is currently trading at Rs. 862.25, down by -1.6 points or -0.19% from its previous closing of Rs. 863.85 on the BSE.

The scrip opened at Rs. 862 and has touched a high and low of Rs. 864.05 and Rs. 857 respectively. So far 412395 shares were traded on the counter. The current market cap of the company is Rs. 279751.65 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1067.85 on 23-Jul-2015 and a 52 week low of Rs. 796.45 on 30-Mar-2015. Last one week high and low of the scrip stood at Rs. 878.7 and Rs. 825.1 respectively.

The promoters holding in the company stood at 45.23 % while Institutions and Non-Institutions held 31.71 % and 19.82 % respectively.

The stock is currently trading above its 50 DMA.

Maruti Suzuki jumps after RBI allows foreign investment under PIS

Maruti Suzuki continues to trade on a positive note on the BSE, after the RBI has allowed foreign investors to invest up to 40% of the paid up capital under the Portfolio Investment Scheme.

Maruti Suzuki continues to trade on a positive note on the BSE, after the RBI has allowed foreign investors to invest up to 40% of the paid up capital under the Portfolio Investment Scheme.

The stock touched an intra-day high at Rs. 4.416, and is now up 1.7% at Rs. 4,395. 

So far 13,000 shares have been traded at the counter as against the daily average volume of 35,000 shares.

The scrip opened at Rs. 4375.5 and has touched a high and low of Rs. 4419.1 and Rs. 4375.5 respectively. So far 209886 shares were traded on the counter. The current market cap of the company is Rs. 130483.46 crore.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 4692.4 on 20-Aug-2015 and a 52 week low of Rs. 2902 on 17-Oct-2014. Last one week high and low of the scrip stood at Rs. 4360 and Rs. 4077 respectively.

The promoters holding in the company stood at 56.21 % while Institutions and Non-Institutions held 36.33 % and 7.47 % respectively.

The stock is currently trading below its 50 DMA.

Meanwhile, the BSE Sensex is down 36 points at 25,821.

Bayer CropScience buy back offer to begin on September 29; stock flat

The company has informed BSE that the date of opening of the buyback Offer will start from September 29, 2015, to October 13, 2015.

Bayer CropScience Ltd is currently trading at Rs. 3721.55, down by 0.27% from its previous closing of Rs. 3740.6 on the BSE.

The company has informed BSE that the date of opening of the buyback Offer will start from September 29, 2015, to October 13, 2015.

The scrip opened at Rs. 3788 and has touched a high and low of Rs. 3788.25 and Rs. 3722.1 respectively. So far 715 shares were traded on the counter. The current market cap of the company is Rs. 13698.08 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 4236 on 15-Apr-2015 and a 52 week low of Rs. 2223 on 17-Oct-2014. Last one week high and low of the scrip stood at Rs. 3825 and Rs. 3630.45 respectively.

The promoters holding in the company stood at 68.96 % while Institutions and Non-Institutions held 19.43 % and 11.62 % respectively.

The stock is currently trading above its 50 DMA.

Corporation Bank surges 3%; LIC to infuse Rs. 143 cr in Corporation Bank

LIC will infuse Rs. 143 crore into the bank by way of preferential equity.

Corporation Bank is currently trading at Rs. 48.20, up by 1.45 points or 3.10% from its previous closing of Rs. 46.6 on the BSE.

LIC will infuse Rs 143 crore into the bank by way of preferential equity. 

The scrip opened at Rs. 48.15 and has touched a high and low of Rs. 48.15 and Rs. 48.15 respectively. So far 4603 shares were traded on the counter. The current market cap of the company is Rs. 3903.68 crore.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 78.7 on 22-Jan-2015 and a 52 week low of Rs. 43.5 on 07-Sep-2015. Last one week high and low of the scrip stood at Rs. 47 and Rs. 44.2 respectively.

The promoters holding in the company stood at 63.33 % while Institutions and Non-Institutions held 29.37 % and 7.3 % respectively.

The stock is currently trading above its 200 DMA.

Sun Pharma climbs 0.64%; to sell facility in Ireland

The company plans to sell a manufacturing facility in Ireland that was owned by Ranbaxy, which has been acquired by the Indian drug major.

Sun Pharmaceuticals Industries Ltd is currently trading at Rs. 862.65, up by 0.64% from its previous closing of Rs. 857.05 on the BSE.

The company plans to sell a manufacturing facility in Ireland that was owned by Ranbaxy , which has been acquired by the Indian drug major. 

The scrip opened at Rs. 858.6 and has touched a high and low of Rs. 865.5 and Rs. 855 respectively. So far 188732 shares were traded on the counter. The current market cap of the company is Rs. 206248.75 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1200.8 on 07-Apr-2015 and a 52 week low of Rs. 748 on 26-Sep-2014. Last one week high and low of the scrip stood at Rs. 860 and Rs. 815 respectively.

The promoters holding in the company stood at 54.71 % while Institutions and Non-Institutions held 31.51 % and 13.78 % respectively.

The stock is currently trading above its 200 DMA.

Top economy news of the day- September 15, 2015

India’s wholesale inflation remained in the negative territory for the tenth straight month in August at -4.95%.

Finance Minister has announced a 20% safeguard duty on imported steel.

India’s wholesale inflation remained in the negative territory for the tenth straight month in August at -4.95%. The retail food inflation rose to 2.2% in August versus 2.15% in July mainly on account of supply shortage of onion and pulses. 

India's urea imports have increased 43% to 3.06 mn tonnes in the first five months of the current financial year. 

India will in next few days pay Iran US$700mn to clear more than one-tenth of the outstanding oil dues, ahead of the expected lifting of sanctions against Tehran. 

Aiming to enhance the country's image as a friendly investment destination, the government along with World Bank has released a state-wise report on the ease of doing business - a report in which Gujarat has topped with a score of 71.14%.

Top Corporate news of the day - September 15, 2015

Check out the most important news stories which captured the headlines at the corporate level in India and internationally.

Asian Paints (International) Ltd has transferred the entire holding in its subsidiaries to Berger International Limited, Singapore to consolidate investments of the company in overseas subsidiaries. 

Corporation Bank said LIC will infuse Rs1.4bn into the bank by way of preferential equity.

Ashoka Buildcon Ltd said it has bagged two road projects worth Rs4.4bn from Karnataka Road Development Corporation Ltd (KRDCL).

Siemens Ltd said it has bagged an order worth Rs. 810mn from Diesel Locomotive Works (DLW), Varanasi. 

Parry (India) Ltd is planning to expand its branded sugar portfolio with value added products. The company has launched Parry's Amrit, an original cane sugar, and plans to launch two more products in an years' time, said senior management from the company. 

The Board of Approval (BoA) under the Union Commerce Ministry has extended the validity of the approval given for setting up of a Special Economic Zone (SEZ) by Tata Steel at Gopalpur in South Odisha up to 17th December, 2015.

The Mahindra& Mahindra Ltd group today announced its debut into the e-commerce space with the launch of M2ALL.Com, an e-marketplace for Mahindra products and services.

Bharat Aluminium Company Limited, a subsidiary of Vedanta Limited, has begun the official procedure to close down its sheet rolling division and foundry at Korba in Chhattisgarh. 

Jet Airways might make Amsterdam its gateway for flights to America and Canada. At present, the airline flies daily from Mumbai and Delhi to Newark and Toronto via Brussels. 

Dr Reddy’s Laboratories announced the signing of a commercialization deal with Hatchtech, an Australian pharmaceutical company that has developed a prescription head lice product, Xeglyze Lotion. 

Essar Oil will shut its 4,05,000 barrel-per-day Vadinar refinery in Gujarat for about four weeks to carry out maintenance work. 

Sun Pharma to acquire InSite Vision?

Deal said to be close to Rs. 300 crore, says reports.

According to report in ET Now, India's leading pharmaceutical company Sun Pharma is set  to acquire InSite Vision.

Sun Pharmaceuticals Industries Ltd closed at Rs. 857.05, up by 11 points or 1.3% from its previous closing of Rs. 846.05 on the BSE.

On Monday, the scrip opened at Rs. 854.2 and has touched a high and low of Rs. 858.95 and Rs. 845.35 respectively. So far 2590701 shares were traded on the counter. The current market cap of the company is Rs. 206248.75 crore.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 1200.8 on 07-Apr-2015 and a 52 week low of Rs. 748 on 26-Sep-2014. Last one week high and low of the scrip stood at Rs. 860 and Rs. 815 respectively.

The promoters holding in the company stood at 54.71 % while Institutions and Non-Institutions held 31.51 % and 13.78 % respectively.

The stock is currently trading above its 200 DMA.

15 Stocks in focus today

Check out the companies which will be in focus during trade today based on recent and latest news developments.

Corporation Bank: The bank has received a letter dated September 11, 2015 from Life insurance Corporation of India expressing their intention to infuse capital to the extent of Rs. 143 crore into the capital funds of the Bank, by way of issue of equity shares on preferential basis to Life Insurance Corporation of India and to place the same in the ensuing extraordinary general meeting.

Sun Pharma: According to report in ET Now, India's leading pharmaceutical company Sun Pharma is set  to acquire InSite Vision.

Maruti Suzuki Ltd: RBI has allowed foreign investors to invest up to 40% of the paid up capital in Maruti Suzuki under the Portfolio Investment Scheme.

Bayer CropScience Ltd: Bayer CropScience buy back offer to begin on September 29 and close on October 13, the company said in a BSE filing on Monday.

Havells India Ltd: The company has said in a media repor that devaluation of the yuan would not impact its business as exports form only 10% of the total sales.

Essar Oil: The company will this week shut its 4,05,000 barrel-per-day Vadinar refinery in Gujarat for about four weeks to carry out maintenance work, as per media reports.

Venkys India Ltd: The company announced bonus issue of equity shares to its shareholders, in ratio of one share for every two shares held in the company

Texmaco Rail Engineering: Texmaco Rail & Engineering on Monday said that its Board of Directors has approved acquisition of a majority 76% stake in Bright Power for Rs. 100 crore.

Asian Paints Ltd: Asian Paints (International) Ltd has transferred the entire holding in its subsidiaries to Berger International Limited, Singapore to consolidate investments of the company in overseas subsidiaries.

Dr Reddy’s Laboratories: The pharma company announced the signing of a commercialization deal with Hatchtech, an Australian pharmaceutical company that has developed a prescription head lice product, Xeglyze Lotion.

Siemens Ltd: The company said it has bagged an order worth Rs810mn from Diesel Locomotive Works (DLW), Varanasi.

Ashoka Buildcon Ltd: The company has bagged two road projects worth Rs4.4bn from Karnataka Road Development Corporation Ltd (KRDCL).

Rolta India: The company has received additional 13 million dollar contract for Engineering Information Asset Solution it has designed, developed and deployed for one of the world’s largest petrochemical complexes.

Mahindra &Mahindra Ltd: The Mahindra Group, made its debut into the dynamic and rapidly growing world of Indian e-commerce with the launch of M2ALL.com. This e-marketplace, offers an exciting range of Mahindra products and services and has just begun taking bookings for the new Mahindra TUV 300 compact SUV.

Gayatri Projects: TPCIL (Thermal Powertech Corporation India Ltd.) the joint venture company between Gayatri Energy Ventures Limited (a wholly owned subsidiary of Gayatri Projects) and Singapore based SembCorp Utilities (a wholly owned subsidiary of SembCorp Industries) today announced that it has successfully commenced full commercial operations, following the completion of its second 660 MW unit.

Rate Cut Hopes...Again

Uneventful overnight session for global markets with still no clear consensus call on the result of Wednesday's Fed meeting. Energy stocks on the back foot as oil was down. In Europe, Stoxx600 was down 0.6 per cent as the migrant crisis continued to escalate. Eurozone July industrial production grew at double the forecast, but this was largely ignored by markets. The dollar came off slightly to near 3-week lows, oil was down 1.5 per cent, copper prices sold off 2 per cent. Non-stop weak Chinese data is the big concern in Asia. China closed down 2.7 per cent yesterday and is down another 1.5 per cent this morning. Rest of Asia is trading mostly lower as well.

India yesterday clearly stood out in the region with 1 per cent closing gain. FIIs bought stocks in the cash segment after being sellers for the last 10 days. With August retail inflation (CPI) coming in 3.7 per cent & WPI undershooting big time yesterday many expect a September RBI rate cut (meeting is on the 29th). The Bank Index surged 2 per cent yesterday. Index added 5 per cent open interest but none of banking single stock futures saw any change in open interest positions. Keep an eye out for Maruti. Maruti is now out of FII restricted list and the buzz of an MSCI inclusion will grow (in November).        

Sensex Set to Open Lower; Steel Stocks, Maruti Suzuki to Be in Focus

BSE Sensex and Nifty are set to open lower amid mostly weak Asian markets and overnight fall on Wall Street. The SGX CNX Nifty is down 0.26 per cent to 7,853, indicating a lower start for Indian markets.

Here are the top developments:

1) Asian shares mostly retreated Tuesday as concerns over China kept investors on edge ahead of a US interest rate decision later this week, while Japan equities rallied on hopes for fresh measures to shore up the torpid Japanese economy.

2) China's Shanghai Composite slumped 2.7 per cent while Japan's Nikkei was up 1.3 per cent. Overnight, the Dow Jones industrial average fell 62.13 points, or 0.38 per cent.

3) Stocks in focus: The government on Monday imposed a 20 per cent safeguard import tax on some steel products with immediate effect. This is likely to bring steel stocks like Tata Steel and JSW steel in focus.

4) The Reserve Bank has allowed foreign investors to invest up to 40 per cent of the paid up capital in Maruti Suzuki under the Portfolio Investment Scheme.

5) Rate sensitive stocks like banking, auto and real estate stocks will also come under focus after inflation dived to a new low in August, helped by falling global commodity prices, bolstering prospects of an interest rate cut by the Reserve Bank of India (RBI) later this month.

6) Retail inflation, which the central bank tracks to set rates, eased to 3.66 per cent in August from a revised 3.69 per cent a month ago. The reading was almost in line with 3.6 per cent forecast by analysts in a Reuters poll and way below the Reserve Bank of India's 6 percent target for January 2016.

7) It came hours after other government data on Monday showed wholesale prices tumbled for a tenth straight month last month, falling an annual 4.95 percent compared with a provisional 4.05 percent slide in July.

8) With the September 17 Fed meet drawing closer, investors in Indian markets will turn cautious. Some analysts expect the Federal Reserve is expected to raise its interest rate amid improving economic recovery in the US. However, there are also hopes that the recent turmoil in the global markets triggered by the devaluation of China's currency could force the Fed to delay the rate hike.

9) An interest rate hike in the US could accelerate the selling from foreign investors in emerging market stocks. Besides, a rate hike in the US would strengthen the dollar, putting further pressure on rupee. The rupee had closed higher at 66.32/dollar on Monday against its previous close of 66.54.

10) Analysts also remain worried over selling from foreign investors though it has eased in recent sessions. Foreign investors sold a record Rs 16,877 crore worth of domestic stocks in August. Foreign investors bought (net) Indian shares worth Rs 58.75 in cash market on Monday - their first single-day net purchase so far this month.